COMEX Gold ends lower as equities rise
Gold futures closed lower on Tuesday as record high US equities dampened the demand for the precious metal as an alternative asset.
A stronger dollar dimmed the appeal of the bullion as an alternative asset. Stronger dollar makes gold more expensive for those holding other currencies, thus dimming demand.
However, rising tensions between Russia and Ukraine with pro-Russian separatists seeking to join Russia after referendums and the probability of further sanctions against Moscow boosted the safe haven appeal of gold, trimming losses in gold futures.
Gold futures for June delivery slipped 0.08 per cent to end at $1,294.8 an ounce on Tuesday.
Gold futures closed lower on Tuesday as record high US equities dampened the demand for the precious metal as an alternative asset.
A stronger dollar dimmed the appeal of the bullion as an alternative asset. Stronger dollar makes gold more expensive for those holding other currencies, thus dimming demand.
However, rising tensions between Russia and Ukraine with pro-Russian separatists seeking to join Russia after referendums and the probability of further sanctions against Moscow boosted the safe haven appeal of gold, trimming losses in gold futures.
Gold futures for June delivery slipped 0.08 per cent to end at $1,294.8 an ounce on Tuesday.
